70% of Americans are feeling financially stressed, according to a new CNBC survey conducted in partnership with MomentiveAI. sharon_epperson has the details.
A combination of higher prices for basic goods and services, increasing borrowing rates on credit cards, auto loans, mortgages and other debt, and little or no financial cushion is eating away at people's sense of financial security.
Only 45% of U.S. adults said they have an emergency fund. And, for those who do have emergency savings, about 26% polled said they have less than $5,000 saved.Even those making $100,000 or more are feeling the squeeze, with the majority saying they feel financially stressed. About a third of people earning six figures said they are living paycheck to paycheck and more than a quarter said they have no emergency fund.
"There's almost no segment of the population that is untouched by the financial pressures that we're experiencing more broadly at this time," McClary said.About a quarter of respondents said if they had $10,000, they would invest it in a combination of stocks, bonds and savings. Putting the money in a high-yield savings account was another popular option. Only 7% would invest in the stock market and the same percentage would spend the money.
Meanwhile, just 4% of women compared to 11% of men would invest a $10,000 windfall in the stock market. Women are more likely to put that windfall in a high-yield savings account or a combination of stocks, bonds and savings, the survey found., according to the survey, with 72% of them saying they are financially stressed, compared to 67% of men. Women are also more likely to report they are living paycheck to paycheck and have no emergency savings.
"Girls are taught about bargain hunting, the thrill of looking for sales, while boys are taught to take more risks and pursue entrepreneurial activities," said Lindsay Bryan-Podvin, a Michigan-based financial therapist. "So when they grow up, women tend to be savers and look for deals, but are more risk averse when it comes to investing."
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